Building a Strategic Position

in the Fluorspar Sector

Company Presentation

January 2018

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January 2018

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Board of Directors

4 1 2 3

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3. Donald McAlister, Non-Executive Director

• Accountant.

• Previously Finance Director at Mwana Africa plc, Ridge Mining

plc and Reunion Mining.

• 23 years’ experience in all financial aspects of the resource

industry, including metal hedging, tax planning, economic

modelling/evaluation, project finance and IPO’s.

• Founding director of the Company.

1. Patrick Cheetham, Executive Chairman

• Geologist.

• 36 years’ experience in mineral exploration.

• 31 years’ experience in public company management.

• Founder of the Company, Dragon Mining Ltd, Archaean Gold NL

and Sunrise Resources plc.

2. Richard Clemmey, Managing Director

• Chartered Engineer.

• 24 years’ experience in developing and managing

mining/quarrying projects worldwide for Derwent Mining,

Lafarge, Hargreaves (GB) Ltd, Marshalls plc and CFE.

• Board Director since May 2012.

4. Colin Fitch LLM, FCIS, Company Secretary

• Barrister-at-Law.

• Previously Corporate Finance Director of Kleinwort Benson,

Partner and Head of Corporate Finance at Rowe & Pitman

(SG Warburg Securities) and Assistant Company Secretary at

the London Stock Exchange.

• Held a number of non-executive directorships including

Merrydown plc, African Lakes plc and Manders plc.

Company’s Aims and Strategy

Company’s Aims & Strategy

• To become a reliable long-term and competitive supplier of

high quality fluorspar to world markets

• Revenue generating in the near-term

• Acquisition and development of fluorspar deposits

located close to established infrastructure and key markets

in stable, democratic and mining friendly jurisdictions

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Fluorspar and Applications

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• Fluorspar is the commercial name for the mineral fluorite, composed of calcium and fluorine

(CaF2)

• Fluorspar is the predominant commercial source for the chemical element fluorine

• Fluorine is a non-metallic element and the lightest of the halogens and is therefore largely

irreplaceable

• Two principal commercial grades:

➢ Metallurgical grade/Met-spar (60-96% CaF2)

➢ Acid grade/Acid-spar (+97% CaF2)

Source: Industrial Minerals Magazine, Roskill, CRU, UN Comtrade, USGS, CCM, IHS & industry sources

Global Fluorspar Production

5.7 - 6.0 Mt/year

Acid Grade/Acid-spar

60 – 65%

Hydrogen Fluoride HFFluorochemicals

Fluorocarbons, e.g. new generation of zero ozone depleting potential and low global

warming potential refrigerant gases –hydrofluoroolefins (HFO’s)

Electrical and electronic appliances

Metallurgical industry (extraction, manufacture and processing)

Lithium batteries

Pharmaceuticals, polymers and agrochemicals

Petrochemical catalysts

Aluminium Fluoride

AlF3

Metallurgical Grade/Met-spar &

Ceramic Grade

35 – 40%

Flux in Steel Production, Cement, Enamels, Cooking

Utensils, Glass, Glass Fibre

Fluorspar Market

6Source: Industrial Minerals Magazine, Roskill, CRU, UN Comtrade, USGS, CCM, IHS & industry sources

• Major Producing regions: China (>50% world’s production); Mexico; Mongolia/CIS; South Africa;

Vietnam

• Major consuming regions (highest to lowest): China; North America; Europe; Mexico; Russia

• Key western acid-spar consumers: Chemours, Honeywell, Solvay, Lanxess, Fluorsid, DDF,

Fluorchemie

• Overall long-term upward trend in price

• Since the global financial crisis in 2009 until

2017 contraction in acid-spar demand driven

by a combination of environmental legislation

and demand resulting in a short-term

downward trend in price

• In 2017 prices for acid-spar have started to

recover in China and more recently in

Europe, key drivers being:

➢ Increase in production of downstream value-added fluorspar products

➢ As China moves its focus to environmental protection they have implemented strict environmental

policies and permitting requirements resulting in a number of fluorspar mines closing – Chinese fluorspar

production down 13% year on year in 2017

Outlook and Strategic Opportunity

• Industry view (producers, end users, analysts): demand and price will increase by 4-5% per year over the

next five years

• No large scale commercial alternative or recycling

• Refrigeration – new generation of zero ozone depleting potential (ODP) and very low global warming

potential (GWP) refrigerants, hydrofluoroolefins (HFO’s) - Driven by environmental legislation, most recently

the Kigali Amendment: 170 nations agreed to phase down low ODP, high GWP Hydrofluorocarbons (HFC’s)

• Energy reduction in the steel and aluminium industry

• Emerging uses - fluoropolymers in lithium batteries for example

• Permanent mine closures – removing capacity from the market

• China fluorspar exports have continued to decline with acid-spar exports decreasing >50% since 2011

driven by increasing internal demand and production/export restrictions – supply gap and potentially a

future net importer

• Western Europe and North America (USA imports 100% of its fluorspar) are the largest acid-spar

consuming regions outside China, importing more than 900,000 tonnes per year

• North America and Europe face the potential risk of security of supply

• Fluorspar is classified as a Critical Raw Material by the European Commission – high risk of supply

shortage and consequent impact on the economy

• USA considers fluorspar as a strategic mineral, China listed fluorspar as a strategic mineral in 2017

• Based on macroeconomic drivers the Company continues to be strategically placed to capitalise on the supply

gap in the future by developing its 100% owned large fluorspar assets, containing fluorspar resources of

13.1 million tonnes, located in the USA and Europe

7Source: Industrial Minerals Magazine, Roskill, CRU, UN Comtrade, USGS, CCM, IHS & industry sources

Strategic Project Locations

and Performance

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• Three 100% owned fluorspar projects strategically located

in the USA and Europe

• Maintained momentum with the development of its projects

through the mining cycle in line with its aims and strategy

• The Company has continued to increase its fluorspar Mineral

Resource asset since 2011 – currently 13.1 million tonnes

of contained fluorspar (JORC compliant)

Sweden - Storuman Fluorspar Project

Excellent Location & Infrastructure

• Adjacent to the main E12 highway

• Storuman town and new bulk rail terminal – 25 km

• Road and rail linked to Umeå Port – 240 km

Lars Lind

Umeå

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Storuman Fluorspar Project

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Positive Scoping Study – Scott Wilson

• Low Capex: US$ 46 million

• Average annual Turnover: >US$ 34 million

• Pre-Tax NPV (8% coc): US$ 33 million

• IRR (100% Equity): 24%

• Payback: <3 years

Post Scoping Study – Key Developments

• 46 diamond core drill holes

• 28% increase in Mineral Resource compared

with Scoping Study – JORC Classified

• New Bulk Rail Terminal constructed – 25km

from project site

• Waste:ore strip ratio reduced from 2.2t:1t to

0.8t:1t

• Potential step-change for scale of mineralisation,

open laterally in all directions

JORC Mineral Resource Estimate

Classification Million Tonnes (Mt) Fluorspar (CaF2%)

Indicated 25 10.28

Inferred 2.7 9.57

Total 27.7 10.21

Storuman Fluorspar Project

Highlights

• 25-year Exploitation (Mine) Permit approved by the Swedish Mining

Inspectorate (Bergsstaten) – Feb 2016

• Appeals lodged against Permit decision: Sami Reindeer Husbandry

Community and Urbergsgruppen received by the Swedish Government

• New case law for Sweden in 2016: Norra Karr rare earth deposit owned by

Leading Edge Minerals (formerly Tasman Metals) had its Mine Permit revoked by

the Supreme Administrative Court

• The Norra Karr Mine Permit was revoked on the basis that the Environmental

Impact Assessment (EIA) did not sufficiently assess the impact of mining on the

wider area beyond the Mineral Deposit

• The Government returned the Tertiary Mine Permit case to the Swedish Mining

Inspectorate in Dec 2016 for re-assessment in light of the Norra Karr case

• In response to stakeholder responses the Swedish Mining Inspectorate have

requested further detail from the Company in relation to impact of proposed

operations on the wider area – granted extension until 16 April 2018 to prepare

and submit

• Whilst the Company remains hopeful of a positive resolution in 2018 and the

original Mine Permit application and EIA prepared by Tertiary is of a very high

standard, the Company has no influence on the speed at which the re-assessment

of the grant of the Mine Permit is being processed by Authorities

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Norway - Lassedalen Fluorspar Project

Excellent Location & Infrastructure

• 500 m from highway E134 & railway

• 6 km from famous silver mining town of Kongsberg

• 50 km from Port of Drammen

• 80 km SW of City of Oslo

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Lassedalen Fluorspar Project

History and Geology

• Steeply dipping fluorspar vein system in 4 km long vein breccia zone

• Drilled by Norsk Hydro in the 1970’s – 28 diamond holes

• Proved vein over 2.7 km strike length

• Open at depth and along strike

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Lassedalen Fluorspar Project

• JORC Mineral Resource Estimate (SRK consulting)

• Re-logged and sampled 3.5 km of drill core from 23 of the 28 diamond holes drilled in the 1970’s

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Highlights

• Positive Scoping Study (Wardell Armstrong International) – 2012

• Tertiary and Global aluminium company, Hydro, have entered into a Heads of Terms: Tertiary

will acquire the land and historic mine workings for 1 Norwegian Krone following successful

due diligence and purchase agreement completion

JORC Mineral Resource Estimate

Classification Million Tonnes (Mt) Fluorspar (CaF2%)

Inferred 4 24.6

Base Case Extended Mine CaseTonnage Mined (Underground) 3.6mt @ 22.4% Fluorspar 4.5mt @22.4% Fluorspar

Mining Rate 543,000 tpa 543,000 tpa

Acid Grade Fluorspar production/year 100,000 tpa 100,000 tpa

Mine Life 6.6 years 8.25 years

Initial Capital Cost (Capex) US$ 78 million US$ 78 million

Pre-Tax NPV (10% coc) US$ 31.6 million US$ 52.2 million

IRR (100% Equity) 20.20% 24.10%

USA - MB Fluorspar Project

Nevada - Most Favourable Mining Jurisdiction in

the USA

• Located 19 km SW of Eureka, Eureka County, Nevada

• 146 Mining Claims >2,800 acres on BLM land

• Trans-national road and rail links, rail 161 km from the

project location

• 780 km to port of San Francisco

• Road access to and over property

• Government land - no special status

• >80% of Eureka County population employed in mining

industry

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MB Fluorspar Project

Highlights

• Phase 1, 2 & 3 drilling programmes

➢ 35 holes, 5,736 metres

• Large JORC Compliant Mineral Resource Estimate

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• Phase 4 drilling programme completed

following JORC MRE

➢ 4 holes, 1,553 metres - significant lateral

and depth extension of fluorspar

mineralisation proven in the Western Area

• Winner of a National Award

➢ Bureau of Land Management’s (BLM)

2017 Hardrock Small Operator Award

for its outstanding and innovative

reclamation and sustainable mineral

development work on the MB Project

Classification Million Tonnes (Mt) Fluorspar (CaF2%)

Indicated (9% CaF2 cut-off) 6.1 10.8

Inferred (9% CaF2 cut-off) 80.3 10.7

Total 86.4 10.7

MB Fluorspar Project

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MB Fluorspar Project

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Looking Forward to 20181

• Metallurgical testwork, modelling, optimisation and associated economic evaluation -

key opportunities and challenges:

➢ Metallurgical testwork is underway at SGS Lakefield – ascertain if commercial grade acid-spar

and mica (secondary product – valuable upside) can be produced from the ore

➢ Reasonable possibility that fluorspar grades could increase to the north-west region of the deposit

following field appraisal by world renowned geologist Dr Richard Sillitoe – future drilling target

➢ Project sensitive to transport distance/cost to market

➢ Mineralogy of the deposit is highly variable – metallurgical challenges

• Following successful completion of the testwork and modelling – Scoping Study

targeted for completion in 2018

Note 1: All target schedules are subject to change, funding and successful completion of each phase of work

Fluorspar Acquisition

Opportunities

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Reviewing complimentary fluorspar project acquisitions

• Capable of generating revenue and profits in a shorter timescale than current projects

allow

• Finding quality projects is not an easy task but a number of fluorspar project acquisitions

have been shortlisted for further evaluation

• Currently engaged in discussions and technical due diligence with the owners of such

shortlisted projects

• Discussions reasonably advanced on one particular project

Note: There is no guarantee that any deal will be successfully executed at this point

Strategic Relationship – Possehl

Erzkontor GmbH& Co. KG

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Memorandum of Understanding (“MOU”) signed with

• Highlights and Key Terms:

➢ Possehl and Tertiary intend to enter into a definitive purchase and sales agreement (“Offtake

Agreement”) under which Tertiary will agree to sell to Possehl and Possehl will commit to purchase a

minimum of 70% of commercial grade acid-spar to be produced at Tertiary’s three fluorspar

projects

➢ As a condition of the Offtake Agreement Possehl will provide part of the pre-financing to Tertiary,

where funds will be advanced by Possehl to Tertiary to assist the Company in meeting its working

capital needs and/or its capital investment needs for the development of its fluorspar projects

➢ The MOU provides for Possehl and Tertiary to enter into an Offtake Agreement, and pre-financing to

be provided by Possehl to Tertiary, for any of the near-term revenue generating fluorspar

acquisition targets where the Company is currently carrying out evaluation, due diligence and

discussions

➢ Possehl will provide invaluable commercial and logistical support and advice to Tertiary during

the development of its fluorspar projects as the Company works towards its production goals and the

ultimate signing of the Offtake Agreement

➢ Possehl, founded in 1915 with headquarters in Lübeck, Germany, is owned by CREMER:

Founded in 1946; headquarters in Hamburg; circa 70 branch offices and holdings worldwide;

circa 1800 employees; annual revenue of >3 billion Euro; sales volume of >10.4 million tonnes in

2016

Kaaresselkä & Kiekerömaa - Gold, Finland

• Sale of two legacy gold assets in Finland to TSX-V listed Aurion Resources Ltd

• Aurion is a Canadian listed (TSX-V: AU) exploration company primarily focusing on the development of its

Finnish gold projects, several of which are under a joint venture with B2Gold, a main listed (TSX:BTO,

NYSE MKT:BTG) gold producer and developer

• Kinross Gold Corporation own more than 9% of the issued and outstanding share capital of Aurion

• Deal Highlights:

➢ £100,000 initial consideration paid by Aurion: £15,000 in cash and £85,000 in Aurion shares – sold in Nov 2017

resulting in a profit of £31,264

Tertiary retains royalty interest in the projects:

➢ Pre-Production Royalty on definition of a NI 43-101 (or equivalent) Code compliant Minerals Resource Estimate on

either project:

▪ US$1.00/ounce gold – Inferred Mineral Resource

▪ US$2.00/ounce gold – Indicated Mineral Resource

▪ US$3.00/ounce gold – Measured Mineral Resource

➢ Net Smelter Returns Royalty (NSR) of 2% on all future gold production from either property

➢ Aurion can purchase 50% of the NSR from Tertiary for USD$1,000,000 at any time prior to commencement of

commercial production on either project

Rosendal Tantalum Project, Finland

• Exploration Licence expired – renewal application submitted

• No material work planned, continue to seek potential partners or buyers

Future Revenue from

Non-Core Projects

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Investment Case

• Tertiary Minerals plc - The only UK public traded company offering an exciting exposure to fluorspar – a

strategic and critical mineral in the USA, Europe and China

• Three 100% owned fluorspar assets strategically located in the USA and Europe: 13.1 million tonnes

contained fluorspar (CaF2) resources (JORC classified) - advancing through mine development cycle

• Europe – Key market, fluorspar Critical Raw Material Classification (EC), net importer

• USA – Key market, 100% net import reliance, strategic mineral

• China – Exports decreased >50% since 2011 - supply gap potentially a future net importer

• No large scale commercial alternative or recycling

• Strategic relationship and MOU signed with leading global commodities trading group, Possehl

Erzkontor GmbH & Co. KG (“Possehl”), a wholly owned subsidiary of CREMER – MOU provides for

intention to enter into Offtake Agreement and associated partial pre-financing

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• Engaged in discussions and technical due

diligence for shortlisted potential fluorspar

acquisitions capable of generating revenue and

profits in the near-term

• Potential future revenue: Retained Royalty

Interest in Finnish Gold Projects

Building a Strategic Position

in the Fluorspar Sector

Tertiary Minerals plc

Richard Clemmey/Patrick Cheetham

Tel: +44 (0)1625 838 679

Nominated Adviser & Joint BrokerS P Angel Corporate Finance LLP

Ewan Leggat/Lindsay Mair

Tel: +44 (0)203 470 0470

Joint BrokerBeaufort Securities Ltd

Elliot Hance

Tel: +44 (0)207 382 8300

THANK YOU FOR YOUR TIME AND SUPPORT

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